The Reaves Utilities ETF (NasdaqGM: UTES), this year’s best-performing utilities exchange traded fund, will move to the New York Stock Exchange from the Nasdaq.
UTES “will retain its current ticker symbol with the NYSE Arca listing. The Fund will commence trading on NYSE Arca upon market open on October 24, 2016. Until that time, the fund will continue to trade on the NASDAQ,” according to a statement issued by New Jersey-based Reaves Asset Management.
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UTES is an actively managed fund that tracks the utility sector, which includes utilities companies that are involved with products, services or equipment for the generation or distribution of electricity, gas or water.
The utilities sector has been among the best performing investments this year after investors plunged into the defensive play in search of yield and safety in an environment of historically low yields, slow growth and geopolitical uncertainty.
UTES is the first and still only actively managed utilities ETF on the market today.
“The Fund’s investments are typically concentrated in companies within utility sector companies. The focus of the Fund’s portfolio on utility sector companies may present more risks than if the Fund’s portfolio were broadly spread over numerous sectors of the economy,” according to the statement.
For more information on the utilities sector, visit our utilities category.
This article was provided by our partners at ETFTrends.